Presidential candidate Robert F. Kennedy Jr. pledged to signal an govt order on his first day in workplace if elected that might make Bitcoin a strategic reserve asset for the US.
Addressing attendees on the Bitcoin2024 convention on July 26, Kennedy outlined a imaginative and prescient the place Bitcoin would play a key position in enhancing America’s financial stability and strategic place. That is his second look on the occasion, making him the one of many longest advocates of the flagship crypto in US political management.
Along with constructing a major Bitcoin reserve, Kennedy promised to situation govt orders making Bitcoin transactions with the US greenback unreportable and non-taxable. He additionally plans to acknowledge Bitcoin as an eligible asset for 1031 exchanges into actual property.
Strategic reserve
Kennedy stated the day one govt order would direct the Division of Justice and the US Marshals to switch roughly 200,000 Bitcoin at present held by the US authorities to the Treasury — designating it as a strategic asset.
It could additionally direct the Treasury to buy 550 BTC day by day till the US amasses a reserve of 4 million Bitcoin, representing just a little beneath 20% of the overall provide. Kennedy stated:
“This coverage will give us about the identical proportion of complete Bitcoin as our nation holds of worldwide gold reserves.”
Kennedy’s plan contains backing US debt with arduous property, together with Bitcoin, to stabilize the greenback and management inflation. He believes that leveraging the shortage and liquidity of Bitcoin, together with gold and different arduous property, will restore the greenback’s dominance in world finance.
He additionally criticized the Federal Reserve’s financial insurance policies, which he claims have contributed to wealth inequality and financial instability. He argued that backing the US greenback with Bitcoin and different arduous property would offer a hedge towards inflation and strengthen the greenback’s worth.
Kennedy additionally addressed the worldwide implications of present U.S. financial insurance policies. He identified that the weaponization of the greenback towards different international locations, comparable to by eradicating them from the SWIFT system, has accelerated efforts by nations like these within the BRICS group to de-dollarize.
He warned that except the U.S. transitions to a extra sustainable monetary technique backed by arduous property, it dangers dropping its financial management and the greenback’s reserve foreign money standing.
Corruption’s ‘best foe’
Kennedy additionally emphasised Bitcoin’s position in defending particular person freedom. He recounted how the Canadian truckers’ protest and the freezing of their monetary property influenced his advocacy for Bitcoin and made him notice the significance of monetary freedom.
He stated:
“I noticed that transactional freedom was as necessary as freedom of expression within the First Modification.”
He additionally confused Bitcoin’s potential to guard private freedoms, promote accountability, and fight authorities corruption, saying:
“Bitcoin is anti-war. It’s a fierce, cruel, and insurmountable foe of presidency corruption.”
Kennedy’s plan contains backing US debt with arduous property, together with Bitcoin, to stabilize the greenback and management inflation. “The technique I’m proposing leverages the shortage and liquidity of Bitcoin, together with gold and different arduous property, to revive the greenback’s dominance in world finance.”
Political help
Kennedy expressed optimism in regards to the rising political help for Bitcoin, aiming to determine the US as a worldwide hub for crypto innovation and funding. He additionally acknowledged former President Donald Trump’s current vocal help for Bitcoin and stated the rising curiosity amongst political leaders was a superb factor.
Kennedy revealed that Trump may announce a plan to construct a “Bitcoin Fort Knox” throughout his upcoming speech on the convention and authorize the US authorities to purchase 1 million Bitcoin as a strategic reserve asset.
Kennedy expressed help for this potential transfer, hoping that Trump’s dedication to Bitcoin extends past “political expediency.” He famous that essentially the most cynical political cause for endorsing Bitcoin can be to excite the 60 million American Bitcoin holders with insurance policies that make the worth of Bitcoin improve.
Nevertheless, Kennedy hopes that Trump and different political leaders will develop a deeper understanding of Bitcoin’s potential to safe the US monetary system and defend towards cyber threats.
